Corporate foreign exchange news

Published by Jamie JemmesonA cadre of charities and aid organisations have launched a campaign making the case for the introduction of a tax on foreign exchange transactions to provide support for poor nations.In a statement released by the Trades Union Congress, charities including Oxfam, Barnardos, Save the Children, the Salvation Army and ActionAid offered their support for the introduction of a 'Robin Hood tax' on financial transactions between banks.The levy is based on the model for taxation of financial transactions put forward by Noble laureate economist James Tobin in 1972.Offering support to the campaign, Barbara Stocking Oxfam's chief executive, said: "A tiny tax on banks would make a massive difference to the millions of ordinary people around the globe forced into extreme poverty by the economic crisis."The campaign is calling for a sliding levy to be imposed on different types of financial transactions, including foreign exchange trading and share dealing. For more information on international payments, visit our Smart FX site